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Expectations and Changing Customer Behaviour in Insurance Ecosystems

Consumer behavior theories are drawn from a variety of fields, including psychology, biology, chemistry, and economics. Consumer behavior research is significant because it assists marketers in understanding what elements impact customers' purchase decisions. Understanding how consumers select a product allows them to fill a market gap and determine which items are needed and which are outmoded.

The study of consumer purchasing behavior is critical for marketers because it allows them to understand what customers expect. It is useful to understand what drives a buyer to purchase a product. Before presenting new products to the market, it is critical to conduct market research on the categories of goods that individuals prefer. Marketers may use data to learn about consumer preferences and base their marketing efforts on them.

In recent years, changes in customer behavior have fueled the emergence of digital innovation in the insurance business. COVID-19 produced a disruption in the health industry, leading to a rise in claims interruption because of fewer business activities and reduced use of face-to-face channels. Insurance executives were forced to rethink their business strategy in hours, not weeks. If we've learned anything in recent years, it's that customer behavior is ever-changing. It was true during the beginning of the pandemic, and it is much truer now.

In 2022, consumer behavior reflects a shift in how individuals consume and purchase goods and services. Brands that understand the shifting landscape and adjust to match the habits and wants of customers will emerge victorious and win client loyalty.

It can be analyzed that consumer behavior has drastically changed since the COVID-19 pandemic. Reports showed that 46% of consumers shopped only online during the 2021 holiday season, the user-generated content (UGC) is 8.7 times more impactful than influencer content. Social commerce is on the rise with the next era of purchasers and 46% of Gen Z uses TikTok to get information about purchases or brands,